People keep talking about the bond market in Europe. They should also be checking out the jobs market. Spain isn’t growing. Her unemployment is rising, and is already at 20%. The unemployed are entitled to benefits for 24 months. Millions will soon find themselves without any means of support.
Prime Minister Jose Luis Rodriguez Zapatero announced Wednesday that a special payment of 426 euros ($560) a month for people who have exhausted their 24-month entitlement to unemployment benefits will end in February.
The elimination of the jobless aid is part of a package of measures to boost the economy while also curbing government spending.
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